More evidence that the legs of the long economic recovery may be getting less wobbly. First-time jobless claims fell, last week, to a seven-year low and beat, on the downside, economists’ predictions by a large margin. (One sometimes thinks that the economists ought to pick a figure and stick with it, week after week, until the actual number comes in, on the money.)The actual data, as reported by Lorraine Woellert and Victoria Stilwell of Bloomberg:
Jobless claims dropped by 24,000 to 297,000 in the week ended May 10, less than any economist projected in a Bloomberg survey and the least since May 2007, figures from the Labor Department showed today in Washington. The median estimate of 49 economists surveyed was 320,000.